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Cetera Financial Group reels in $5 billion in assets to start 2019

February 28, 2019

As it deals with turnover at the top of its management ranks, Cetera Financial Group is on pace to recruit advisers with $5 billion in client assets over the first two months of the year, according to senior Cetera executives. Cetera Financial's...

Warburg Pincus to buy majority stake in Kestra Financial

February 25, 2019

Kestra Financial Inc. has agreed to sell a majority stake in the firm to private-equity shop Warburg Pincus, the independent broker-dealer announced Monday morning. Stone Point Capital, the private-equity firm that currently holds a majority...

Look for more changes at Cetera Financial Group

February 20, 2019

Robert Moore's resignation from Cetera Financial Group likely signals other changes to come at the giant broker-dealer network, according to advisers and industry observers. Those could range from the firm's owner, Genstar Capital, winnowing...

Wirehouse culture driving the move to independence

February 20, 2019

As a professional headhunter, I always discuss the culture of my client firms with the financial advisers with whom I work. Quite often, instead of inspiring curiosity, I get an eye roll, as if I had told my teenage daughter to clean her room....

Robert Moore, Cetera CEO, stepping down for health reasons

February 19, 2019

Cetera Financial Group said on Tuesday that Robert Moore will step down as its CEO, effective March 31, due to health reasons. Mr. Moore will continue to serve as an adviser to the board and executive management team. Ben Brigeman, board chairman,...

Warburg Pincus among private equity managers interested in acquiring Kestra Financial

February 15, 2019

Warburg Pincus is among the private equity managers interested in acquiring Kestra Financial Inc., according to two industry sources. Bids were due this week for the independent broker-dealer, and a sale could be announced within the next few...

Ron Carson's firm sued by former client for $500,000

February 14, 2019

Carson Wealth Management, one of the most recognizable names in the financial advisory business, is being sued by a former client for $500,000 for charging fees the client claims were excessive. The arbitration claim, which was filed on Dec....

Finra bars ex-MML broker who sold $3.5 million of Woodbridge Ponzi

February 14, 2019

The Financial Industry Regulatory Authority Inc. said Wednesday that it had barred a broker who sold close to $3.5 million of promissory notes relating to the Woodbridge Group of Companies, a purported real estate investment fund that turned...

Finra catches Kestra Financial overcharging customers

February 14, 2019

Kestra Financial has been fined $225,000 and required to pay $1.9 million in restitution for overcharging more than 3,200 mutual fund investors over a nine-year period, Finra announced. The Financial Industry Regulatory Authority Inc. reached...

Q4 revenue strong at IBDs, online brokers despite market declines

February 13, 2019

Independent broker-dealers and retail brokerages were able to generate good revenue during the final quarter of 2018 despite the significant drops in the market, according to Moody's Investors Service. The market turbulence in December played...

Ramped up tech spending has helped LPL recruit advisers

February 12, 2019

LPL Financial expects to spend $135 million on technology in 2019, more than double the $60 million it spent four years ago, according to a presentation Tuesday at a Credit Suisse financial services conference in Miami. The company has recorded...

LPL adds new reporting tool to ClientWorks

February 7, 2019

The latest addition to LPL Financial's ClientWorks technology platform is Client Goals, a tool that lets advisers create personalized reports for clients and prospects. The new technology, developed in partnership with Fiserv, examines the funding...

Hundreds of advisers with tens of billions in assets left Wall Street in 2018

February 6, 2019

Last year was another banner year for brokers and advisers leaving the Wall Street wirehouses and moving to financial advice platforms, where they typically receive higher pay and deal with fewer conflicts of interest when it comes to selling...

Voya Financial webpage glitch exposes Social Security numbers of reps

February 4, 2019

Voya Financial Advisors Inc. on Friday told its brokers and financial advisers that a glitch on a biography webpage for its brokers put their Social Security numbers at risk of exposure. According to a memo, Voya Financial Advisors' information...

LPL reports record recruiting year

February 1, 2019

LPL Financial set an annual record for the amount of assets that recruited advisers brought over to its platform last year, following rollback of a contentious recruiting policy and a shake-up within the recruiting unit. LPL recruited $27.3...

Wells Fargo RIA channel partners with TradePMR

January 29, 2019

Wells Fargo Advisors is souping up it's new channel for registered investment advisers by leveraging the technology expertise of second-tier custodian TradePMR. Wells Fargo's fledgling RIA business model became official earlier this month when...

The RIA space is hot, and brokers are on the move

January 26, 2019

After working for more than 25 years in the securities industry, first as a broker and then as a hybrid adviser, Nathan Bachrach dropped his Financial Industry Regulatory Authority Inc. registration in 2012 and became a fee-only adviser. Mr....

LPL Financial sues broker it fired for taking $292,000 that belonged to his ex-wife

January 24, 2019

LPL Financial is suing a broker it fired last summer after a dispute surfaced between the broker and his ex-wife over the disposition of funds in their joint brokerage accounts. LPL on Tuesday sued the ex-broker, Christopher Lossing, in U.S....

XY Planning Networks leads charge to help furloughed workers during shutdown

January 18, 2019

As the partial government shutdown entered a record 28th day Friday, some corners of the financial services industry have started stepping forward to help the 800,000 furloughed government workers. Sixty members of the XY Planning Network have...

LPL affiliate Private Advisor Group launches new plan to attract wirehouse brokers who may want to go RIA

January 10, 2019

LPL Financial's largest affiliate, Private Advisor Group of Morristown, N.J., is launching a new platform its partners believe will give it the ability to attract wirehouse brokers who want to transition to the RIA channnel. Private Advisor...

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